Write down on tracker mortgage BOS

[Jennie]

I have an apartment mortgaged with BOS Ireland, value is 215k , balance is 200k, with a tracker mortgage of approx 700 p.m, and rental value of 1100 p.m.
We are hoping to purchase a house. Plan was to keep the apartment and rent as the equity we would take away is too low, but someone mentioned I could negotiate up to 25% write down on the tracker mortgage. We would certainly consider selling if we could bring 40k with us as it means we could get a larger home.

Anyway question is - is this a myth? If it's true how would we go about initiating the negotiations?

 

[Brendan Burgess]

Anyway question is - is this a myth?

Go back to the "someone" who told you that and ask them for the contact details of the borrower who got this detail.
Then ask the borrower to show you the paperwork where they got this deal.

BoSI's policy has been to let their trackers run down naturally. It is unlikely that this policy has changed, but you should ask them anyway.

It's possible that some people who had homes in negative equity were allowed to sell their homes and BoSI have not bothered to pursue the shortfall. But, as far as I know, even in these cases, they don't officially write off the shortfall.